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Name

As of 04/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Recurrent MLP & Infrastructure Fund

RMLPX | Fund

$22.98

$677 M

5.66%

$1.30

1.10%

Vitals

YTD Return

16.4%

1 yr return

35.8%

3 Yr Avg Return

29.0%

5 Yr Avg Return

12.4%

Net Assets

$677 M

Holdings in Top 10

57.2%

52 WEEK LOW AND HIGH

$22.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.10%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Recurrent MLP & Infrastructure Fund

RMLPX | Fund

$22.98

$677 M

5.66%

$1.30

1.10%

RMLPX - Profile

Distributions

  • YTD Total Return 16.4%
  • 3 Yr Annualized Total Return 29.0%
  • 5 Yr Annualized Total Return 12.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.59%
DIVIDENDS
  • Dividend Yield 5.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Recurrent MLP & Infrastructure Fund
  • Fund Family Name
    Rrecurrent Advisors
  • Inception Date
    Nov 02, 2017
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brad Olsen

Fund Description

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in energy infrastructure and master limited partnership (“MLP”) investments. The Fund’s investments may include, but are not limited to:

● MLPs structured as limited partnerships or limited liability companies;
● MLPs that are taxed as “C” corporations;
● institutional units (“I-Units”) issued by MLP affiliates;
● taxable “C” corporations that hold significant interests in MLPs;
● companies providing infrastructure to the energy industry;
● other equity securities, including pooled investment vehicles, exchange-traded notes, and exchange-traded funds, that provide exposure to MLPs.

Recurrent Investment Advisors, LLC, the Fund’s investment advisor (“Recurrent” or the “Advisor”) focuses its investments on energy infrastructure, which own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy related equipment or services. The Advisor’s investment process is strongly focused on company-level valuation analysis for determining security selection in the Fund. The Fund’s investments may be of any capitalization size including a company’s first offering of stock to the public in an initial public offering (IPO).

The Fund may invest 20% of its net assets in sectors outside of energy infrastructure investments, including, without limitation, securities of corporations that operate in the energy sector or that hold energy assets. The Fund may, when market signals warrant, take a defensive position, investing all or a substantial portion of Fund assets in cash and/or cash equivalents.

The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers than diversified mutual funds.

Read More

RMLPX - Performance

Return Ranking - Trailing

Period RMLPX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.4% 3.2% 18.6% 13.33%
1 Yr 35.8% 2.3% 42.5% 9.52%
3 Yr 29.0%* 5.1% 35.0% 6.93%
5 Yr 12.4%* -7.7% 33.3% 7.78%
10 Yr N/A* -6.3% 11.2% N/A

* Annualized

Return Ranking - Calendar

Period RMLPX Return Category Return Low Category Return High Rank in Category (%)
2023 9.0% -14.9% 18.2% 44.86%
2022 25.5% -7.0% 29.9% 14.42%
2021 30.2% 4.2% 55.3% 49.04%
2020 -37.3% -57.4% 155.1% 61.17%
2019 7.6% -8.9% 20.8% 32.61%

Total Return Ranking - Trailing

Period RMLPX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.4% 3.2% 18.6% 13.33%
1 Yr 35.8% 2.3% 42.5% 9.52%
3 Yr 29.0%* 5.1% 35.0% 6.93%
5 Yr 12.4%* -7.7% 33.3% 7.78%
10 Yr N/A* -6.3% 11.2% N/A

* Annualized

Total Return Ranking - Calendar

Period RMLPX Return Category Return Low Category Return High Rank in Category (%)
2023 16.7% -9.3% 25.5% 37.38%
2022 35.1% -1.2% 38.8% 6.73%
2021 42.6% 11.1% 56.2% 24.04%
2020 -28.5% -53.9% 155.1% 60.19%
2019 15.3% -3.4% 34.1% 20.65%

NAV & Total Return History

RMLPX - Holdings

Concentration Analysis

RMLPX Category Low Category High RMLPX % Rank
Net Assets 677 M 22 M 53.1 B 44.35%
Number of Holdings 24 16 175 70.64%
Net Assets in Top 10 399 M 19.6 M 3.1 B 48.62%
Weighting of Top 10 57.23% 40.8% 111.7% 80.73%

Top 10 Holdings

  1. ENERGY TRANSFER 6.92%
  2. EQUITRANS MIDSTR 6.32%
  3. PEMBINA PIPELINE 6.29%
  4. PLAINS GP HOLD-A 6.08%
  5. SUNCOR ENERGY 5.73%
  6. PHILLIPS 66 5.69%
  7. CENOVUS ENERGY 5.68%
  8. WESTERN MIDSTREA 5.61%
  9. CHENIERE ENERGY 4.56%
  10. ENTERPRISE PRODU 4.35%

Asset Allocation

Weighting Return Low Return High RMLPX % Rank
Stocks 		97.65% 53.33% 133.88% 73.39%
Cash 		2.35% -58.21% 13.58% 22.94%
Preferred Stocks 		0.00% 0.00% 2.34% 34.86%
Other 		0.00% -36.30% 4.52% 32.11%
Convertible Bonds 		0.00% 0.00% 5.29% 29.36%
Bonds 		0.00% -0.01% 44.12% 29.36%

Stock Sector Breakdown

Weighting Return Low Return High RMLPX % Rank
Energy 		96.33% 53.73% 100.00% 45.87%
Utilities 		2.85% 0.00% 41.78% 48.62%
Consumer Defense 		0.82% 0.00% 0.82% 0.92%
Technology 		0.00% 0.00% 2.43% 51.38%
Real Estate 		0.00% 0.00% 3.96% 29.36%
Industrials 		0.00% 0.00% 4.54% 51.38%
Healthcare 		0.00% 0.00% 0.00% 28.44%
Financial Services 		0.00% 0.00% 0.66% 30.28%
Communication Services 		0.00% 0.00% 0.00% 28.44%
Consumer Cyclical 		0.00% 0.00% 13.46% 37.61%
Basic Materials 		0.00% 0.00% 6.40% 66.97%

Stock Geographic Breakdown

Weighting Return Low Return High RMLPX % Rank
US 		91.30% 48.92% 132.40% 67.89%
Non US 		6.34% 0.00% 26.09% 30.28%

RMLPX - Expenses

Operational Fees

RMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.10% 0.35% 8.81% 89.81%
Management Fee 0.90% 0.35% 1.38% 24.35%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

RMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

RMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

RMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 6.00% 166.00% 23.30%

RMLPX - Distributions

Dividend Yield Analysis

RMLPX Category Low Category High RMLPX % Rank
Dividend Yield 5.66% 0.00% 17.07% 84.35%

Dividend Distribution Analysis

RMLPX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

RMLPX Category Low Category High RMLPX % Rank
Net Income Ratio 2.59% -6.38% 9.57% 12.04%

Capital Gain Distribution Analysis

RMLPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

RMLPX - Fund Manager Analysis

Managers

Brad Olsen

Start Date

Tenure

Tenure Rank

Oct 24, 2017

4.6

4.6%

Brad was most recently the lead MLP portfolio manager for BP Capital Fund Advisors (BPCFA). Under Brad’s leadership, MLP AUM more than doubled (excluding the impact of appreciation). From 2011 to 2015, Brad led Midstream Research for Tudor, Pickering, Holt & Co. (TPH & Co.), where he was recognized as the top all-around stock picker in the US by the Financial Times in 2013, and the top energy stock picker in the US by Starmine in 2014. Under Olsen’s leadership, the TPH & Co. midstream team was recognized in the WSJ’s “Best on the Street” poll as well as by Institutional Investor Magazine. Brad also has experience as an investment analyst at Eagle Global Advisors in Houston, where he was part of a 3-person team that grew midstream/MLP AUM from $300mm to over $1bn from 2008 through 2011. He has also worked in investment roles at Millennium International, a large global hedge fund, and Strome Investment Management, an energy-focused hedge fund based in Santa Monica, CA. He began his career in the UBS Investment Banking Global Energy Group in Houston. Brad earned a BA in Philosophy, Political Science, and Slavic Studies from Rice University in Houston.

Mark Laskin

Start Date

Tenure

Tenure Rank

Oct 24, 2017

4.6

4.6%

Mark was most recently the lead energy portfolio manager and Chief Investment Officer at BP Capital Fund Advisors (BPCFA), an energy-focused long-only investment management firm. Under Mark’s leadership, BPCFA grew from $50mm to nearly $400mm in assets under management in less than 3 years. BPCFA's energy strategy was the #1 performing energy open-end mutual fund, as ranked by Morningstar, from 12/31/13 to 12/31/16, and its MLP strategy was in the top decile in its Morningstar category over that same time period. Mark has 13 years of additional portfolio manager experience at Van Kampen, Morgan Stanley and Invesco. As part of a diversified large cap value strategy, Mark managed more than $10 billion and has managed energy portfolios for more than 12 years. While at Morgan Stanley Investment Management, Mark served as the internal head of equity investment research. Mark earned an MBA/MA in Finance from the Wharton School of Business at the University of Pennsylvania and a BA in History from Swarthmore College where he also played men’s soccer.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 15.78 7.75 12.18

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